Health Care REIT, Toledo, Ohio, announced it completed its $2.4 billion purchase of substantially all the real estate assets of Genesis HealthCare, Kennett Square, Pa.
Health Care REIT completes acquisition of Genesis real estate
Under the deal announced Feb. 28, Genesis signed a long-term lease of the assets, which includes 147 post-acute, skilled nursing and assisted living facilities in 11 Northeast and Mid-Atlantic states.
The deal also gives Health Care REIT the option to buy 9.9% of Genesis for $47 million. Genesis is a short-term post-acute, rehabilitation, assisted living and long-term-care services provider.
Last week, Health Care REIT closed on a deal to form a partnership with Benchmark Senior Living, Wellesley, Mass., to purchase the real estate assets of 34 senior housing communities operated by Benchmark. The assets were sold to the partnership by the GPT Group, Sydney, Australia, for $890 million.
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